Forum Help

If you want to ask about changing your username, have login problems, have password problems or a technical issue please email forumteam@moneysavingexpert.com

Posting help:

If you want to ask why a word can't be typed, your signature's been changed, or a post has been deleted see the Forum Rules. If you don't find the answer you can ask forumteam@moneysavingexpert.com though due to volumes we can't guarantee replies.

I put my property up for rent with an estate agent. They found someone and advised that the person wanted to move in on 1st may. At the time, it was about four weeks until that date. The agent told me that I had to stop advertising the property with other agencies as the tenant had paid a £500 holding deposit. I have been notified today that the tenant failed the credit check and the agency will re- market the property. I asked what happens to the holding fee as I have a mortgage payment due in a weeks time. The agent told me it went towards the credit checks and admin fees. I argued my case with the agent saying that i had lost three weeks of time where I could have found someone but was told to take it off the market and now I am out of pocket. The agent basically wasn't interested. Can anyone advise where I stand with this? I have asked for proof of the credit check and why it took so long to carry out.

Yes my advice would be to sell the property. If you can't afford to pay the mortgage without getting rent you can't afford to be a landlord. As a landlord you have got to be able to pay the mortgage if the tenant stops paying you rent. You could be without any rent for 6 months if the tenant stops paying but you will still have to continue to pay the mortgage and you would still have to pay for any repairs. If you do not have any spare money to pay the mortgage without using all of the rent then becoming a landlord is not a good idea.

Speak to your other agents, and clarify the process they will be using on your behalf, including whether they will be collecting a holding deposit from applicants on your behalf, (ie it's yours not theirs) and whether that deposit is refundable to the tenant if
* the tenancy comes to fruition
* you change your mind
* the tenant changes their mind
* the tenant fails the vetting process

Check the status of any other moneys they will be taking from the applicant eg admin fee, contract fee, vetting fee etc.

Then ask why they are charging both you AND the applicant for some of those tasks......

Get that confirmed in writing, along with all other aspects of your relationship with the agents.

Many thanks for your advice. I shall be contacting the agent tomorrow. I have spoken with other agencies and they have advised that the agent was in the wrong and should inform me of the reasons behind the credit check failure and even ask if I'm willing to take a guarantor.

The agent agreed to find a tenant. They found one who then advised that her divorce was not complete and wanted to change the move in date. I advised that the property would go back on the market, which it did. The same agent found another tenant, agreed a move in date. Didn't mention admin fees that I would have to pay so they waivered them. Agreed an inventory check and commission fees. Was advised that the tenant had placed a holding fee. I informed the agent that because I was messed about previously I would not take the property off the market. I was told by the agency that as the tenant had paid a holding fee, I needed to remove it from the market, so I did. So one week prior to moving in day and suddenly I am informed that the tenant failed the credit checks and wouldn't be moving in. I queried the holding and was told that it covered the agency's fees.

The agent agreed to find a tenant. They found one who then advised that her divorce was not complete and wanted to change the move in date. I advised that the property would go back on the market, which it did. The same agent found another tenant, agreed a move in date. Didn't mention admin fees that I would have to pay so they waivered them. Agreed an inventory check and commission fees. Was advised that the tenant had placed a holding fee. I informed the agent that because I was messed about previously I would not take the property off the market. I was told by the agency that as the tenant had paid a holding fee, I needed to remove it from the market, so I did. So one week prior to moving in day and suddenly I am informed that the tenant failed the credit checks and wouldn't be moving in. I queried the holding and was told that it covered the agency's fees.

It all sounds so unprofessional. Seems to me what fee corresponds for what should been written somewhere, not just made up as one goes alone. (I am not in a btl myself, just interested in the topic so may not be right)

How this site works

We think it's important you understand the strengths and limitations of the site. We're a journalistic website and aim to provide the best MoneySaving guides, tips, tools and techniques, but can't guarantee to be perfect, so do note you use the information at your own risk and we can't accept liability if things go wrong.

This info does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances and remember we focus on rates not service.

Do note, while we always aim to give you accurate product info at the point of publication, unfortunately price and terms of products and deals can always be changed by the provider afterwards, so double check first.

We don't as a general policy investigate the solvency of companies mentioned (how likely they are to go bust), but there is a risk any company can struggle and it's rarely made public until it's too late (see the Section 75 guide for protection tips).

We often link to other websites, but we can't be responsible for their content.

Always remember anyone can post on the MSE forums, so it can be very different from our opinion.

MoneySavingExpert.com is part of the MoneySupermarket Group, but is entirely editorially independent. Its stance of putting consumers first is protected and enshrined in the legally-binding MSE Editorial Code.